PINE WINDS MOBILE HOME PARK

LOCATION – The park is located in the community of Hesperus, one of the most scenic parts of south western Colorado. It is about 20 minutes drive form Durango. The Durango area is critically short of housing.

UTILITIES – Electricity is provided by La Plata Electric. Each Mobile Home has its own LPEA meter. The tenants have their own propane tanks; the site does not have natural gas. The park has it’s own well. Water meters are installed on each unit. The tenants are billed a flat fee for normal use and more for high water use. The park has its own sewerage treatment plant. The plant was installed in 2016 and is under review by the State of Colorado for final operating permit. Trash is by Waste Management and is paid by the Park.

TENANTS – Four of the Mobile Homes are owned by the Part; the rest are tenant owned. About 5 of the tenants are retired; the rest work in Durango or the nearby coal mine.

HOUSE – A three bedroom home with a large yard sits on the front of the property. It is rented now but it could be a nice owner’s residence.

THREE PLEX – About 10 years ago the Park owner built a 3Plex, not finished on the inside. The owner could not get an occupancy permit because the septic system in use at that time did not have sufficient capacity for more tenants. The new sewerage treatment plant has excess capacity and probably the units could be permitted now, I have not checked this out.

RENT – Rent hasn’t been raised by the current owner. It is low by Durango area standards.

SIZE – The park is 4.05 acres.

PRICE - $1,200,000

CAP RATE – 8%